A guide to interest rates
When you borrow money the total amount you will pay back is dictated by the interest rate. So what is interest rate? It is the cost of borrowing money from your chosen lender.
The Bank of England sets the base rate for the UK, which at present is 0.75%. If the rate goes up lenders could potentially want to charge you more to borrow money with them.
When you make your monthly mortgage payments, some of the money you pay will go paying off the loan and some will go to paying of the interest due on it. Your monthly cost depends on the loan value, the term time and whether its a repayment or interest-only mortgage.
The lower the interest rate on your mortgage the cheaper owning your home will be.
APR rate, or Annual Percentage Rate is the amount of interest you’ll pay yearly on the money you’ve borrowed. Make sure you look you look at the APR and compare the full amount you’ll be paying back when choosing your mortgage.
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